Hong Kong's tech heavyweights are staging an impressive rally as traders price in what now looks like a done deal on rate cuts. The momentum shift is palpable—chipmakers, internet giants, and fintech players are all catching bids, fueled by growing confidence that central banks are finally pivoting.

What's driving this surge? Lower borrowing costs mean cheaper capital for innovation-hungry tech firms. That matters especially for growth stocks, which thrive when discount rates drop. The Hang Seng Tech Index is reflecting this optimism, with heavyweight names posting solid gains as institutional money flows back into the sector.

But here's the thing: markets are forward-looking beasts. The actual rate decision might already be baked into current valuations. Smart money is now watching whether this momentum can sustain once the cuts materialize, or if we're setting up for a classic "buy the rumor, sell the news" scenario.

For investors eyeing exposure to Asian tech, this could be a pivotal moment. Just remember—rate cuts boost liquidity, but execution still matters. Not every tech stock will ride this wave equally.